[atto]

I was thinking we could use a thread to easily share charts and make more detailed comments regarding something that was discussed. I've had a few chat discussions bleed into PMs because of the more "formal" setup, so we might be able to get some use out of this.

Inviting the regular chat crew, if I forgot you originally, whoops. Likewise, if you'd like to be removed, let me know.

[atto]

Here's a longer term chart I posted this morning.

[ochie]

Great idea atto. Little nuggets of info pop up all the time in the room. Now we can explore those in more detail.

[mong]

hey thats cool. private thread. thanks atto!!

[xracer]

I like this idea.

[Northern boy]

i was saying in a thread i started that the size of fractal waves (or minute bars) relative to the legs up or down directly relate to how frequently a trader's risk gets taken out before he gets reward. that's probably not what you're pointing out though eh Atto? what should i be interpreting?

[Northern boy]

...and this is a daily chart. me=idiot lol.

[atto]

(second time typing this, browser error..bleh)

In chat, the topic of position management can up. Specifically, fixed size exits vs market based exits. When I first started trading (past 1 car), I used an immediate scale out at x ticks ("locking in profits!"). The underlying reason was because I traded scared, and wanted to get size off ASAP. This is not a winning strategy. Soon after, I moved to all-in-all-out (realizing my fear, and simply removing the practice entirely). Phantom of the Pits changed my view on entries, so I started scaling in (for example, I may add to a winning position when I get another unique entry setup). Db helped me also view exits differently, suggesting that scaling out maximizes profits (for him). Trading isn't a game to be "right" or hit home runs, it's all about the P/L. I spent several hours going over previous trades, and realized that I would have profited more by scaling out at "exit setups". I've since moved to a scale in - scale out position management strategy, and am very content.

My exit position management is based on S/R and climaxes. I do not exit in anticipation of S/R, but will scale out (or exit completely) at a S/R confirmation where price does not move through. I also (aggressively) move my stops up just under previous s/r areas. Most significantly, I scale out on climaxes (which, if they present themselves, can give you very good exits).

I'll get an illustrative picture in here eventually graphically explaining what I'm talking about. Thoughts? I'm no expert, so please feel free to share what works for you.